On June 1,2017,Ellen Turned 65

question 76

Multiple Choice

On June 1,2017,Ellen turned 65.Ellen has been a widow for five years and has no dependents.Her standard deduction is

• A)$4,050.
• B)$6,350.
• C)$7,900.
• D)$12,700.

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Definitions:

Accounting Treatment

The method by which financial events are recorded and presented in the accounts of a business.

Goodwill

An intangible asset that arises when a business is purchased for more than the fair value of its net identifiable assets, representing future economic benefits arising from non-physical assets.

Acquisition Fair Value

The price that would be paid to acquire an asset or the amount received to assume a liability during a business combination.

Business Combination

The coming together of separate entities or businesses into one reporting entity through a variety of transactions such as mergers or acquisitions.